The gold price held around its highest in nearly two weeks on Tuesday afternoon, as support underpinned a $20 spike seen as New York opened for business earlier.
Spot gold was last seen at $1,207.60/1,208.40, up $26.50 on Friday‘s close after reaching its highest since December 18 earlier in the session at $1,210.80 per ounce.
The metal rose from about $1,183.00 to $1,202.80 in a couple of short moments after traders in the US sat down at their desks.
With no immediate fundamental catalysts in the market and the dollar stagnant just off two-and-half-year highs against the euro at 1.2160, traders believe that a fund placed a big order to stockpile some gold before the year-end.
“This added some spice to what otherwise could have been a boring day,” a US-based trader said. “My guess is that a fund wanted to add some gold [to their portfolio before year-end] so they placed a big order. Then the momentum traders and computers hopped on board, driving the price up above $1,200.”
In data, the US CB consumer confidence figure at 92.6 was well short of the forecasted 94.6, albeit up from a previous 91.0.
In data announced earlier out of Europe, the eurozone’s M3 Money supply was better than expected at 3.1 percent, while the Spanish flash CPI at -1.1 percent fell short.
In other metals, silver followed gold through resistance at $16 and was last seen up 62 cents at $16.36/16.41 per ounce, after hitting a two-week high earlier in the session at $16.49.
In others, platinum at $1,215/1,220 per ounce was up $18, while palladium at $805/811 was up $1.
(Additional reporting by Tom Jennemann, editing by Martin Hayes)
The post Gold around highest in nearly two weeks, boosted by price spike on US open appeared first on The Bullion Desk.
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